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DISCOVER NPK 2024 Annual Report 1-877-MAT-ROAD INVESTORS@NPKI.COM NPKI.COM

TO OUR Shareholders 2024 was a historic year for our company, in which we achieved transformational milestones for our business and NPK shareholders. With the divestiture of our legacy Fluids Systems business during the third quarter, we brought to conclusion a multi-year business simplification plan, that positions NPK as a pure-play worksite access and specialty rental solutions business. Off the back of that simplification, we launched our new brand identity, NPK International, a leading worksite access solutions company committed to providing best-in-class products and services to support our customers critical infrastructure projects. We also initiated the industry reclassification process that upon completion, will serve to broaden our exposure to new pools of investor capital as we continue to raise awareness around the NPK value creation thesis. Our go forward vertically integrated model, which combines in-house products, engineering, design and manufacturing, together with site-level logistics planning and services, represents a unique value proposition for the leading energy and infrastructure customer brands that we serve. Matthew S. Lanigan President & CEO YEAR IN REVIEW Our strategic goals for 2024 were clear: 1) Complete the divestiture of our Fluids Systems business unit Having worked tirelessly over the previous two years to create a leaner, more agile business, we concluded the sale of the Fluids Systems business to SCF Partners in September 2024. The conclusion of the multi-year process saw us extract over $200 million from the Fluids Systems business which enabled us to repay substantially all outstanding debt, fund growth in our worksite access and specialty rental solutions business and exit 2024 in a net cash position.
2) Invest and scale our worksite access and specialty rental solutions business With significant sector tailwinds driving growth in our key served industries in 2024 and beyond, we are steadfastly committed to growing our scale in the US where we believe significant market share remains for our superior DURA-BASE Advanced Composite Matting System. With that as a backdrop, we continued to invest in the expansion of our rental fleet during 2024, investing a net $33 million, expanding our fleet by 11% and strengthening our customer responsiveness and ability to serve the unique requirements of every project engagement. We continue to prioritize larger scale customer projects with longer durations, mainly within our core utilities and critical infrastructure markets, that position us to achieve meaningful returns in excess of our cost of capital. We also achieved a record year of product sales, another clear indicator of the compelling value proposition of the DuraBase system. Entering 2024, we also highlighted our intent to complete the build out of our nationwide sales team and focus our commercial efforts toward the highestvalue opportunities capable of driving the profitable growth of our business. This approach meant moving away from certain service-intensive projects that failed to meet our required return thresholds, while concentrating efforts on high-impact relationships and projects that value our
unique, integrated solutions model that should deliver ongoing benefits in 2025 and beyond. While this focus impacted our overall revenue growth for the year, it delivered on its goal of improving income and returns, positioning us well for continued profitable growth in the coming years. 3) Continue to drive cash conversion and returns while supporting a balanced return of capital strategy. We again demonstrated a thoughtful and disciplined approach to operating efficiency and cash management throughout the year. We exited the year in a net cash position, having made significant investment in the growth of our rental fleet, and having improved our gross margins by 60bps and reduced our SG&A by 10%. Due to the timing of the fluids business sale process and other events, our programmatic share repurchase program was paused in 2024. However, we remain committed to maintaining a strong balance sheet, prioritizing organic investment to expand our rental business while evaluating accretive inorganic growth opportunities to accelerate growth and returning excess cash generation via programmatic share repurchases. We exited 2024 with $50 million of share repurchase authorization as we look to resume our return of capital program in 2025. STRONG FULL-YEAR PERFORMANCE In 2024, we delivered solid improvements in our financial results. Highlights include: Revenues of $217.5 million, +5% Gross Margin of 35.5%, +60 bps SG&A of $46.0m, down 10% Operating income from continuing operations of $32.4 million, +41% Operating margin from continuing operations of 14.9%, +390 bps Ending cash of $18 million and debt of $8 million, a $46 million improvement in total net debt With our major transformational milestones completed in 2024, we enter 2025 with a singular focus on the profitable growth of our worksite access and specialty rental solutions business. We have a robust balance sheet to support our growth plans and remain confident that our strategy within our served markets will continue to deliver value for our shareholders. VALUE CREATION STRATEGY As we look ahead to 2025, our top strategic priorities are clear: 1) Accelerate Organic Growth We continue to prioritize targeted commercial growth within both existing and adjacent site access markets, improved operational efficiency, and a capital allocation strategy that seeks to maximize our return on invested capital. We remain focused on driving organic growth across our core vertical markets, including power transmission, oil & gas, pipeline, rail, and construction infrastructure.
 • shareholder letter icon 4/4/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/6/2023 NR Stockholder Letter
 • stockholder letter icon 4/4/2024 NR Stockholder Letter
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NR Shareholder/Stockholder Letter Transcript:

DISCOVER NPK
2024 Annual Report
1-877-MAT-ROAD
INVESTORS@NPKI.COM
NPKI.COM


TO OUR
Shareholders
2024 was a historic year for our company,
in which we achieved transformational
milestones for our business and NPK
shareholders. With the divestiture of our
legacy Fluids Systems business during the
third quarter, we brought to conclusion a
multi-year business simplification plan,
that positions NPK as a pure-play worksite
access and specialty rental solutions
business.
Off the back of that simplification,
we launched our new brand identity,
NPK International, a leading worksite
access solutions company committed
to providing best-in-class products and
services to support our customers    critical
infrastructure projects. We also initiated
the industry reclassification process that
upon completion, will serve to broaden our
exposure to new pools of investor capital as
we continue to raise awareness around the
NPK value creation thesis.
Our go forward vertically integrated model,
which combines in-house products,
engineering, design and manufacturing,
together with site-level logistics planning
and services, represents a unique value
proposition for the leading energy and
infrastructure customer brands that we
serve.
Matthew S. Lanigan
President & CEO
YEAR IN REVIEW
Our strategic goals for 2024 were clear:
1) Complete the divestiture of our Fluids
Systems business unit
Having worked tirelessly over the previous
two years to create a leaner, more agile
business, we concluded the sale of the
Fluids Systems business to SCF Partners in
September 2024.
The conclusion of the multi-year process
saw us extract over $200 million from the
Fluids Systems business which enabled us
to repay substantially all outstanding debt,
fund growth in our worksite access and
specialty rental solutions business and exit
2024 in a net cash position.

2) Invest and scale our worksite access
and specialty rental solutions business
With significant sector tailwinds driving
growth in our key served industries in 2024
and beyond, we are steadfastly committed
to growing our scale in the US where we
believe significant market share remains
for our superior DURA-BASE Advanced
Composite Matting System.
With that as a backdrop, we continued
to invest in the expansion of our rental
fleet during 2024, investing a net $33
million, expanding our fleet by 11%
and strengthening our customer
responsiveness and ability to serve the
unique requirements of every project
engagement. We continue to prioritize
larger scale customer projects with longer
durations, mainly within our core utilities
and critical infrastructure markets, that
position us to achieve meaningful returns in
excess of our cost of capital.
We also achieved a record year of product
sales, another clear indicator of the
compelling value proposition of the DuraBase system.
Entering 2024, we also highlighted our
intent to complete the build out of our
nationwide sales team and focus our
commercial efforts toward the highestvalue opportunities capable of driving the
profitable growth of our business. This
approach meant moving away from certain
service-intensive projects that failed to
meet our required return thresholds, while
concentrating efforts on high-impact
relationships and projects that value our

unique, integrated solutions model that
should deliver ongoing benefits in 2025
and beyond. While this focus impacted
our overall revenue growth for the year, it
delivered on its goal of improving income
and returns, positioning us well for
continued profitable growth in the coming
years.
3) Continue to drive cash conversion
and returns while supporting a balanced
return of capital strategy.
We again demonstrated a thoughtful
and disciplined approach to operating
efficiency and cash management
throughout the year.
We exited the year in a net cash position,
having made significant investment in
the growth of our rental fleet, and having
improved our gross margins by 60bps and
reduced our SG&A by 10%.
Due to the timing of the fluids business
sale process and other events, our
programmatic share repurchase program
was paused in 2024. However, we remain
committed to maintaining a strong balance
sheet, prioritizing organic investment to
expand our rental business while evaluating
accretive inorganic growth opportunities
to accelerate growth and returning excess
cash generation via programmatic share
repurchases. We exited 2024 with $50
million of share repurchase authorization
as we look to resume our return of capital
program in 2025.
STRONG FULL-YEAR
PERFORMANCE
In 2024, we delivered solid improvements
in our financial results. Highlights include:

Revenues of $217.5 million, +5%

Gross Margin of 35.5%, +60 bps

SG&A of $46.0m, down 10%

Operating income from continuing
operations of $32.4 million, +41%

Operating margin from continuing
operations of 14.9%, +390 bps

Ending cash of $18 million and debt of
$8 million, a $46 million improvement in
total net debt
With our major transformational milestones
completed in 2024, we enter 2025 with a
singular focus on the profitable growth of
our worksite access and specialty rental
solutions business. We have a robust
balance sheet to support our growth plans
and remain confident that our strategy
within our served markets will continue to
deliver value for our shareholders.
VALUE CREATION STRATEGY
As we look ahead to 2025, our top strategic
priorities are clear:
1) Accelerate Organic Growth
We continue to prioritize targeted
commercial growth within both existing and
adjacent site access markets, improved
operational efficiency, and a capital
allocation strategy that seeks to maximize
our return on invested capital. We remain
focused on driving organic growth across
our core vertical markets, including power
transmission, oil & gas, pipeline, rail, and
construction infrastructure.



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